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Updated over 2 years ago,
June 2022 Austin Market Update
The June 2022 numbers from the Austin Board of Realtors shows the Austin metro market continuing to cool and stabilize in response to high inflation, rising mortgage interest rates, record high home prices, and rumblings of a recession in the US. Here are some notes:
- The median home price in Austin was up 7% over June 2021 at $615,000. The median home in the greater metro sold for around $537,000 last month, which is up 13% year over year. While those are still robust increases, we’re seeing appreciation slow in the Austin area compared to the frenzied times experienced the past couple of years.
- Housing inventory is finally increasing from the rock-bottom levels buyers experienced in recent years. There is 1.8 months of inventory in Austin, which is up 1.1 months from this time last year. Inventory in the greater metro jumped 1.5 months over the same period to reach 2.1 months. This is very welcome to buyers, of course, but it’s also healthy for the market as a whole. Note, however, that we’re still in an extreme seller’s market at these inventory levels. A buyer’s market where the current pricing trend requires 7+ months of inventory.
- You might expect the mortgage rate environment to reduce the number of owners listing their properties for sale. However, at least so far, listings have increased in Austin and the surrounding metro. New listings are up 15% in Austin and 19% in the metro compared to this time last year, when rates were lower and talks of recession weren’t in the news. New construction is contributing to the listing numbers, as are iBuyers (e.g. Opendoor) with many homes acquired during the recent explosively hot market still sitting on their books awaiting to be sold.
Here are stats for Austin the greater metro:
Overall, while the Austin metro is still in a strong seller’s market, conditions are much more favorable for buyers now than they were in the past couple of years. At present, we can no longer expect nearly every listing to get multiple offers or to sell in one weekend for a price WAY above asking. Moreover, the market in the coming months appears to be trending in the direction of higher inventory and slower appreciation. So, while rates will likely remain in 6%+ territory for some time, those buyers who remain in the Austin market should have a much easier experience than in later 2020 through early 2022.